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snapple candy · 05-31-2009, 08:23 AM

Cliff,
YOu can email fannie mae or freddie mac and give them your physcial address and they can tell you if it is backed by them. This would be good infromation for you to know since lal their guidelines are posted.
I have heard that if my income goes down, that after three month trial, they review your income again before setting permanent workout payment.
You might want to consider setting up a consult with a good BK attorney to lake a look at all your options. In my case, because I had no assets to distribute and no money, all my debts were totally discharged and I started with a clean slate. Making a decision to file is a big step that should be thought out carefully. In my opinion, depends on how much debt you have and how overwhelmed you are financially. If you only have 10-30K, I am not so sure it is worth the financial hit to credit for years to come. That is an amount that is a you could find a workable solution thru negotiation. If it is considerable more and you cannot see the light at the end of the tunnel, that is something different. Letting debts go without BK leaves you open to garnishments and these debt collectors are ruthless and do illegal things.
You dont have to pay taxes on debt forgiven unless in foreclosure on a 2nd reports you to the irs (I think only applies to 2nd if you are in non-recourse state). General unsecured crdit card debt does not apply as far as I know. Go see a BK attorney and look at all your options. You might be pleasantly surprised and find some workable solutions.

05-31-2009, 08:23 AM	#34 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,311 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WaMu/Chase Mod Moving Forward Cliff, YOu can email fannie mae or freddie mac and give them your physcial address and they can tell you if it is backed by them. This would be good infromation for you to know since lal their guidelines are posted. I have heard that if my income goes down, that after three month trial, they review your income again before setting permanent workout payment. You might want to consider setting up a consult with a good BK attorney to lake a look at all your options. In my case, because I had no assets to distribute and no money, all my debts were totally discharged and I started with a clean slate. Making a decision to file is a big step that should be thought out carefully. In my opinion, depends on how much debt you have and how overwhelmed you are financially. If you only have 10-30K, I am not so sure it is worth the financial hit to credit for years to come. That is an amount that is a you could find a workable solution thru negotiation. If it is considerable more and you cannot see the light at the end of the tunnel, that is something different. Letting debts go without BK leaves you open to garnishments and these debt collectors are ruthless and do illegal things. You dont have to pay taxes on debt forgiven unless in foreclosure on a 2nd reports you to the irs (I think only applies to 2nd if you are in non-recourse state). General unsecured crdit card debt does not apply as far as I know. Go see a BK attorney and look at all your options. You might be pleasantly surprised and find some workable solutions.